Sberbank Says Agrokor Must Meet Creditor's Demands

Russia's Sberbank told BIRN that it believes Croatia's troubled private company Agrokor can be restored to normal activity, but wants fulfilment of its demands first.

"Sberbank believes it is possible to restore Agrokor Group's normal activities and is ready to support the company, but at the same time Sberbank would like to see fair fulfillment of the creditors' demands and is going to defend its rights by all lawful means," Sberbank said in a written answer, asked about plans for Agrokor-owned companies outside Croatia.

Sberbank in July initiated proceedings before the Commercial Court in Belgrade, Serbia, to acquire two companies owned by Agrokor.

The bank launched the court proceedings on the basis of loans it gave to two companies, the water company Jamnica and retailer Konzum, which Agrokor owns - and which in turn own Mivela and IDEA in Serbia.

The Serbian Business Registry said court decisions permitting the sale of 100 per cent of Agrokor's share in Mivela become valid in July.

The case is the same with IDEA, which managed Agrokor's retail network until 2013, and which the Agrokor company Konzum owns.

Sberbank is believed to be seeking the return of 1.1 billion euros it loaned Agrokor, which in Serbia, besides Mivela and IDEA, owns Dijamant, Frikom, Kikinda Mills, Mercator S, and Nova Sloga.  

Meanwhile, through the courts, Sberbank has forbidden Agrokor from disposing of its shares in its remaining Serbian companies.

The Serbian media have interpreted this as a Russian move to ensure Agrokor does not sell off its companies in Serbia in order to pay off its debts.

In its reaction, Agrokor said it expects companies outside Croatia to respect the decisions of its newly appointed...